sINCEREST fPORYouTube keeps spawning wannabees, from Magnify.net to the latest effort, StartYourTube . The latter is quite neat and well executed, if a bit confuing to administer. It includes blog elements as well as the usual upload and group functions found on UGC sites.
You can even control the domain name and the advertising on the service.
It does beg the question as to whether the business model of paying for upgrades will work (it won't since 99.9% of UGC sites attract very few users), but I guess it's another one example of 'publish and be damned' development. And as they point out readily in their blurb, it worked for YouTube..